202C.3 - SURETY OR ISSUER -- LIABILITY.
202C.3 SURETY OR ISSUER -- LIABILITY.
1. The purchaser may bring a legal action arising from the breach
of a sales agreement against the surety on the bond or issuer on the
irrevocable letter of credit in the purchaser's own name in district
court to recover any damages as allowed by law. The purchaser may
also be awarded interest as determined pursuant to section 668.13,
beginning from the date that the sales agreement was executed. The
purchaser may also be awarded court costs and reasonable attorney
fees, which shall be taxed as part of the costs of the legal action.
2. The aggregate liability of the surety or issuer due to a
breach of a sales agreement shall not exceed the amount of the
evidence of financial responsibility.
3. A legal action brought by a purchaser against the surety on
the bond or the issuer of the irrevocable letter of credit shall be
brought not later than one hundred eighty days after the date that
the dealer delivers the feeder pigs to the purchaser pursuant to the
sales agreement. Section History: Recent Form
2003 Acts, ch 90, §4; 2004 Acts, ch 1095, §4, 6